South Korea’s LG Chem Ltd plans to make a decision on expanding production capacity for electric vehicle (EV) batteries in three to four months, expecting EV demand to take off in 2016.
“We are seriously considering investing in expanding (our EV battery production),” President Kwon Young-soo, who oversees LG Chem’s battery division, said on Thursday at the Busan Motor Show.
He did not elaborate on where it plans to expand capacity. LG Chem, which supplies batteries for cars from General Motors Co and Renault SA, has one EV battery plant in Korea and another in the United States.
In February, Chief Executive Park Jin-soo said the company was considering building an EV battery plant in China, expecting the Chinese government’s efforts to tackle air pollution would drive demand.
Source from Myanmar First Bilingual Business Journal Jun 5-11,2014